Federal Reserve Chairman Jerome Powell sounded the alarm on Tuesday, warning the Senate Banking Committee that interest rates must rise in order to combat inflation and the economic hardship it is causing. In his semiannual monetary policy report, Powell reiterated the Fed's goal of bringing inflation down to two percent, and noted that the Fed has already made significant progress in its efforts to do so. He warned, however, that the current state of the economy is unsustainable and that further action is needed. "We must continue to act to ensure that inflation remains at our two percent goal," Powell said. "We must not let up in our efforts to get inflation to our goal." Powell's comments come as the Biden administration has faced criticism for its handling of the economy. Despite the administration's efforts to stimulate the economy with stimulus checks and other programs, inflation is on the rise and economic hardship is becoming increasingly common. The Fed has already taken steps to raise interest rates, and Powell suggested that more action may be needed in the future. He said that the Fed must remain vigilant in its efforts to keep inflation in check, and that it must continue to act to ensure that inflation remains at its two percent goal. Powell's comments come as the Biden administration continues to grapple with the economic fallout from the coronavirus pandemic. It remains to be seen how the administration will respond to Powell's warning and whether it will take further steps to combat inflation.